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Nigeria Individual - Sample personal income tax calculation

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Below is the basis of pay as you earn (PAYE) calculation for an individual whose gross income is NGN 4 million. For the purpose of this calculation, it is assumed that pension is calculated at 7.5% of gross income.

    NGN NGN
Gross income (GI)     4,000,000
       
Less reliefs:      
Consolidated relief allowance Higher of NGN 200,000 or 1% of GI 200,000  
20% of GI 800,000  
Children NGN 2,500 per child (maximum of 4) 10,000  
Dependent relatives (DR) NGN 2,000 per DR (maximum of 2) 4,000  
Pension 7.5% of GI 300,000 (1,314,000)
       
Taxable income     2,686,000

 

Annual income (NGN) PIT rate (%) Tax payable (NGN) NGN
First 300,000 7 21,000  
Next 300,000 11 33,000  
Next 500,000 15 75,000  
Next 500,000 19 95,000  
Next 1,600,000 21 228,060  
Over 3,200,000 24    
       
Gross income     4,000,000
       
PAYE   452,060  (452,060)
       
Net income after PAYE     3,547,940

 


Last Reviewed - 31 July 2019

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Taiwo Oyedele Title = Taiwo Oyedele width=55px
Taiwo OyedelePartner / Head of Tax & Regulatory Services+234 1 271 1700 ext. 50002
Russell Eastaugh Title = Russell Eastaugh width=55px
Russell EastaughPartner / Director General Tax Services+234 1 271 1700 ext. 50001
Emuesiri Agbeyi Title = Emuesiri Agbeyi width=55px
Emuesiri AgbeyiPartner / Director Tax and Private Wealth Services+234 1 271 1700 ext. 50006
Kenneth Erikume Title = Kenneth Erikume width=55px
Kenneth ErikumePartner / Director Tax Reporting & Strategy+234 1 271 1700 ext. 50004
Chijioke Uwaegbute Title = Chijioke Uwaegbute width=55px
Chijioke UwaegbutePartner, Insourced Solutions for Tax+234 1 271 1700 ext. 54031
Seun Adu Title = Seun Adu width=55px
Seun AduPartner / Director Tax and Transfer Pricing+234 1 271 1700 ext. 52001
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